The Ocala FHA Home Loan continues to be a popular home financing option for home buyers in Marion County. FHA is a Government backed home loan program that offers flexible terms and qualifying. Low down payment of only 3.5 percent, No pre payment or early payoff penalties, and plenty of fixed rate options are just a few of the FHA loan benefits. Below we have listed basic information you need to know before applying for an FHA loan in Ocala, purchase or refinance.
- The Department of Housing and Urban Development, otherwise known as HUD, oversees the Federal Housing Administration (FHA) which is the administrator of the government’s home loan insurance platform. The FHA insures the loan of a qualified borrower for the lender. FHA loans are underwritten and processed by approved Florida lenders and banks.
- The FHA loan qualifying is not as hard as conventional loans that are sold off to the Federal Home Mortgage Corporation (Freddie Mac) or to the Federal National Mortgage Association (Fannie Mae). It is more flexible than almost any other conventional loan program available today in Ocala.
- Many buyers think FHA loans are strictly for first-time home buyers - which is incorrect. FHA is available to everyone and may be used to either refinance or purchase a home. They also do not require your current loan to be an FHA loan when you wish to refinance your debts and obligations.
- When applying for an FHA mortgage loan, it is important to always have income/ asset documents on hand to facilitate processing. They would require an accurate count of your expenses off your income as well as proof that you have a stable income.
- If you have great credit (720+ credit score) and over a 10 percent down payment, you may want to opt for a conventional loan. Most often than not, you may find even better deals from them compared to an FHA loan.
- FHA loans can be used for any HUD approved single family home, condo or town home in Marion County. The home being purchased must be in general good working order in regards to structural, electrical, plumbing, roof, etc.
Homebuyer in Marion County - Ocala can learn more about the FHA home loan products by contacting FHA Mortgage Source at ph: 904-302-6060 or visit www.FhaMortgageSource.com
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